Gyeonggi Province Leads Recovery of People's Livelihood Economy with 11 Trillion Won 35% Budget Execution in First Quarter

[Suwon Ilbo=Reporter Kim Gap-dong] Gyeonggi Province sets preemptive and aggressive rapid execution targets and expands public sector spending to recover the people's livelihood economy, executing 11 trillion won in the first quarter.

Vice Governor Kim Sung-joong held a '2025 First Half Rapid Execution Promotion Current Issues Meeting' at the Provincial Government Complex Disaster Safety Situation Room on the 17th with heads of functional departments in attendance. The meeting was held two months earlier than last year in consideration of difficult economic conditions and to support people's livelihood economy ahead of the early Lunar New Year holiday.

Vice Governor Kim stated, "With difficult economic conditions in which economic growth rate, export growth rate, and private consumption are all in the single digits, preemptive public sector investment is important," and urged, "Please rapidly execute major investment projects and support projects for vulnerable groups starting from January itself."

The province raised the first half 2025 rapid execution target to 65%, approximately 20 trillion won (government plan 64%). In particular, with concentrated execution of 35%, approximately 11 trillion won in the first quarter, the province plans to prioritize support for vulnerable groups such as low-income households and small business owners as well as projects for people's livelihood recovery and economic stimulus so that residents can feel the benefits.

In addition, amid difficult financial circumstances, the province plans to provide early disbursement of coordinating grants used as financial resources for cities and counties for smooth rapid execution, and provide special coordinating grants totaling 6.5 billion won as incentives to seven top-performing cities and counties in the first quarter rapid execution. To focus management on major public investment projects with project costs of 500 million won or more that impact construction activity, a Public SOC Promotion Team will be newly established within Gyeonggi Province's Rapid Execution Promotion Group. Given that the province accounts for the largest portion (around 20%) of local finances nationwide, the effect of proactive rapid execution promotion on the regional economy is expected to be significant.

Additionally, the province continuously proposes to relevant central ministries pre-administrative procedures requiring cooperation from central ministries and budget execution difficulties experienced by the province and cities and counties, and expects that expansionary fiscal execution in the public sector will facilitate economic recovery and private consumption and investment.

Meanwhile, the province executed 98.8 trillion won, which is 19.5% of the total 498.3 trillion won local finance rapid execution in 2024, contributing to stabilizing the people's livelihood economy.

Governor Kim Dong-yeon has been conducting field visits to revitalize the economy from the beginning of the year, holding a New Year's press conference at a seolleongtang restaurant on the 13th, and followed by conducting financial consultations with self-employed workers in Siheung City on the 14th and communicating with semiconductor industry leaders in Pangyo on the 15th.

At this meeting, Governor Kim emphasized, "Gyeonggi Province will do its best to preemptively boost consumption and vitalize domestic demand. Let us all unite our efforts in the political circle and across the nation to revive the economy and strengthen people's livelihoods."